Devon Energy (NYSE:DVN) Price Target Lowered to $47.00 at UBS Group

Devon Energy (NYSE:DVN) had its price target reduced by UBS Group from $53.00 to $47.00 in a research report released on Wednesday morning, Benzinga reports. UBS Group currently has a neutral rating on the energy company’s stock.

DVN has been the subject of a number of other research reports. Morgan Stanley dropped their price target on shares of Devon Energy from $55.00 to $51.00 and set an overweight rating for the company in a research note on Monday, September 16th. Wells Fargo & Company decreased their price objective on shares of Devon Energy from $57.00 to $55.00 and set an overweight rating for the company in a report on Wednesday, August 14th. JPMorgan Chase & Co. decreased their price objective on shares of Devon Energy from $64.00 to $51.00 and set an overweight rating for the company in a report on Thursday, September 12th. Piper Sandler decreased their price objective on shares of Devon Energy from $65.00 to $57.00 and set an overweight rating for the company in a report on Thursday, August 15th. Finally, Susquehanna decreased their price objective on shares of Devon Energy from $65.00 to $63.00 and set a positive rating for the company in a report on Wednesday, September 4th. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $57.00.

Devon Energy Stock Down 0.4 %

Shares of NYSE:DVN opened at $40.79 on Wednesday. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. The company has a fifty day simple moving average of $44.06 and a 200 day simple moving average of $47.28. The firm has a market cap of $25.78 billion, a PE ratio of 7.78, a price-to-earnings-growth ratio of 1.13 and a beta of 2.03. Devon Energy has a 12-month low of $39.02 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. The business had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business’s revenue was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.18 earnings per share. On average, equities research analysts anticipate that Devon Energy will post 5.36 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s payout ratio is currently 16.79%.

Institutional Investors Weigh In On Devon Energy

Several institutional investors have recently bought and sold shares of DVN. Triad Wealth Partners LLC acquired a new stake in Devon Energy in the second quarter worth about $27,000. Tradewinds Capital Management LLC acquired a new stake in Devon Energy in the first quarter worth about $30,000. Jones Financial Companies Lllp raised its position in Devon Energy by 104.8% in the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after acquiring an additional 374 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new stake in Devon Energy in the 2nd quarter valued at about $34,000. Finally, PSI Advisors LLC lifted its holdings in Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after acquiring an additional 300 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.